This statue of the shipbuilder and engineer Peter Denny is by William "Hamo" Thornycroft. It was completed in 1898, and was presented to the burgh by Mrs Denny. Later, when the Municipal Buildings – Link – were built on land presented to the burgh by Lord Overtoun, it was decided to locate the statue beside those buildings.

The buildings were erected on College Park (the former grounds of College Park House). The land was bought from the railway company by Lord Overtoun, and gifted by him to the burgh. The buildings, by James Thomson, were officially opened in 1903. The College Bow – Link – now stands in the grounds, as do a Boer War Memorial – Link – and a statue of Peter Denny – Link